George Soros (Trades, Portfolio), the legendary leader of Soros Fund Management, sold shares of the following stocks during the fourth quarter.

The investor's Aetna Inc. (AET) position was dissolved following its merger with CVS Health (CVS). The trade had an impact of -1.71% on the portfolio.

The health insurance company had a market cap of $69.64 billion and an enterprise value of $68.65 billion on its final day of trading.

Soros trimmed his Intelsat SA (I) holding by 77.52%. The trade had an impact of -1.41% on the

Earlier this month, the largest hedge funds in the world filed their 13F reports with the Securities and Exchange Commission. Funds that filed these reports included Seth Klarman (Trades, Portfolio)'s Baupost Group.

I keep an eye on the stocks Klarman is adding and removing from his portfolio. Even though 13Fs only provide a snapshot of the portfolio at one point in time, and exclude equity holdings outside the United States as well as cash and debt, they are a great starting point for further research, particularly when the investment manager calling the shots is one of the

John Paulson (Trades, Portfolio), portfolio manager and founder of Paulson & Co., disclosed last week he established 13 new holdings during the fourth quarter. The top five positions in terms of portfolio weight were Red Hat Inc. (RHT), Travelport Worldwide Ltd. (TVPT), Imperva Inc. (IMPV), Tribune Media Co. (TRCO) and Stewart Information Services Corp. (STC).

Managing a portfolio of 51 stocks, Paulson established his firm as a merger arbitrage hedge fund, which seeks to make money from situations where one public company announces plans to acquire a second. The fund manager introduced a checklist containing seven

George Soros (Trades, Portfolio), leader of Soros Fund Management LLC, disclosed this week his top six buys for the third quarter were Tribune Media Co. (TRCO), Archer-Daniels Midland Co. (ADM), Walt Disney Co. (DIS), The Kraft Heinz Co. (KHC), Mondelez International Inc. (MDLZ) and Micron Technology Inc. (MU).

Soros focuses on a theory of reflexivity: the prices of stocks, bonds and currencies depend on the people who buy them and that traders often act out of highly emotional reactions rather than coolly logical calculations.

Tribune Media

Soros invested in 1.6 million shares of Tribune Media, a New

Venerated bargain-shopping investor Seth Klarman (Trades, Portfolio) reported his second quarter portfolio changes Monday, listing five new buys, including Chicago Tribune daily newspaper owner Tribune Media Co. (TRCO).

Klarman manages roughly $32 billion at his hedge fund The Baupost Group, whose public portfolio of long positions is valued at $11.1 billion. The portfolio encompassed 31 stocks, with the largest sectors represented being consumer cyclical at 26.2%, energy at 20.3% and health care at 19.3%. The low-profile manager prizes a large spread between the value of a business and its stock price, or margin of safety, which he

Howard Marks' (Trades, Portfolio) Oaktree Capital Management disclosed on Thursday that the firm trimmed its holding in Star Bulk Carriers Corp. (SBLK) on June 29, according to GuruFocus real-time picks.

Established in 1995, Oaktree is involved in alternative investments like debt, preferred stocks and convertible bonds. As chairman, Marks is responsible for ensuring the firm's adherence to its core investment philosophy.

Trade details

Oaktree sold 5,256,437 shares of Star Bulk for $12.86 per share, reducing the position to 27,323,069 shares. The firm pared 1.64% of its public equity portfolio with this transaction.

Leucadia National (Trades, Portfolio) sold shares of the following stocks during the fourth quarter.

The Huntsman Corp. (HUN) position was closed, impacting the portfolio by -2.48%.

The specialty chemical manufacturer has a market cap of $7.88 billion and an enterprise value of $10.8 billion.

GuruFocus gives the company a profitability and growth rating of 5 out of 10. Its return on equity (ROE) of 31.97% and return assets (ROA) of 5.39% are outperforming 53% of companies in the Global Chemicals industry. Its financial strength is rated 5 out of 10. The cash-debt

Since the crash of 2008, many hedge fund managers have lost their edge, with average results that make passive indexing look good.

Howard Marks (Trades, Portfolio) of Oaktree Capital is not one of them, though. He has continued to deliver outperforming results.

That is due, in part, to his commitment to finding deep value in distressed debt and other situations where many managers fear to tread. It is also thanks to his enduring belief that success depends on what you pay, not what you buy.

Who is Marks?

Born in 1946, Marks graduated cum

Leucadia National (Trades, Portfolio) bought shares of the following stocks during the second quarter:

The firm established a 706,047-share stake in Altaba Inc. (AABA). The transaction had an impact of 3.32% on the portfolio.

The investment company is the result of Verizon's (VZ) acquisition of Yahoo's internet business. Its investment portfolio consists of equity and short-term debt investments.

GuruFocus gives the company a profitability and growth rating of 7 out of 10. The return on equity (ROE) of -0.05% and return on assets (ROA) -0.03% are outperforming 84% of companies in the Global Asset Management industry. Financial

Tribune Media Co. (0.2%)(TRCO–$40.77–NYSE)(NYSE:TRCO) is a Chicago, Illinois based broadcasting company with 42 television stations in operation. Tribune agreed to be acquired by Sinclair Broadcasting Group, Inc. for $35 in cash and 0.23 SBGI shares for a total deal price of $43.50 per share at announcement. The deal requires regulatory and shareholder approvals and is expected to close in the fourth quarter.

From [url=http://www.gurufocus.com/StockBuy.php?GuruName=Mario+Gabelli]Mario Gabelli[/url] ([url=http://www.gurufocus.com/StockBuy.php?GuruName=Mario+Gabelli]Trades[/url], [url=http://www.gurufocus.com/holdings.php?GuruName=Mario+Gabelli]Portfolio[/url])'s second quarter 2017 Gabelli ABC Fund commentary.

Leon Cooperman (Trades, Portfolio) is the founder and chairman of Omega Advisors, a hedge fund with approximately $6 billion under management. He manages a portfolio composed of 84 stocks with a total value of $2.484 billion. During the first quarter the guru sold shares in the following stocks:

The guru's stake in HRG Group Inc. (HRG) was reduced by 65.85% with an impact of -3.16% on the portfolio.

It is a diversified holding company that provides consumer products including batteries, personal care products, household appliances, pet supplies and home and garden

Our second time owning media company Tribune (NYSE:TRCO) was not nearly as gratifying as our first successful investment in the company’s bonds as it came out of bankruptcy. This time, our value declined due to disappointing results at the TV division, a weak spectrum auction, and a lack of value growth from other assets. Our small positive return amid these disappointments speaks to the margin of safety in our initial purchase.

From Longleaf Partners first quarter 2017 Small-Cap Fund Commentary.

Longleaf Partners Small-Cap Fund gained 3.93% in the first quarter and outperformed the Russell 2000 Index’s 2.47%. Our absolute return surpassed our annual absolute goal of inflation plus 10%, continuing the strong performance from 2016. We exceeded the market’s return thanks to strong performance from key holdings and pullbacks from some of the “Trump rally” highfliers that we did not own.

Companies with substantial non-earning assets (NEAs) were particularly rewarding in the quarter. Wynn Resorts, Graham Holdings, and OCI all have or had a number of assets that were not reflected in a simple earnings per share (EPS) calculation, and

Mason Hawkins (Trades, Portfolio) has been chairman and CEO Southeastern Asset Management since 1975. He manages a portfolio composed of 30 stocks with a total value of $10.359 billion. During the fourth quarter the guru sold shares in the following stocks:

The investor reduced his stake in Chesapeake Energy Corp. (CHK) by 46% and with an impact of -2.55% on the portfolio.

It is a natural gas and oil exploration and production company. It explores, develops and acquires properties for the production of natural gas and crude oil from underground reservoirs and also provides marketing and

Managers at investor Howard Marks' Oaktree amassed a 10% stake in a Frisco, Texas based oil and gas company, Comstock Resources, on the day it announced a swell in its calculated proved reserves that triggered a pop in its stock price.

Comstock Resources (CRK) said it ended December with reserves of 7.3 million barrels of crude oil and 872 billion cubic feet of natural gas, a 47% jump from the end of last year. Using a 10% discount rate, it estimated the future net cash flows of the reserves, before income taxes, to have a present value of around $431

Tribune Media Co. (NYSE:TRCO) was the Fund’s leading detractor this quarter. Despite the company’s review and sale of non-core assets (i.e., real estate, Gracenote database, internet property CareerBuilder) to unlock value and return capital to shareholders, weak political advertising spending during this Presidential election year put pressure on the entire broadcasting group.

From the Keeley All Cap Value Fund fourth quarter 2016 commentary.

The market entered the final quarter of a bullish 2016 with some trepidation. Stock market implications surrounding the U.S. presidential election and the Federal Reserve’s (Fed) interest rate hike raised investor caution. But the uncertainty was quickly dismissed and a risk-on rally ensued post the Trump victory. U.S. equity markets finished the year strong, with the S&P 500 Index gaining 12.0% for the year and 3.8% for the quarter. Small cap stocks were especially strong, and value outperformed growth across all market caps. Among U.S. equities, small cap value stocks led the way as the Russell 2000 Value Index gained

Tribune Media Co. (NYSE:TRCO) was also a leading detractor this quarter, dropping over 6% and costing the Fund 26 basis points in performance. The market is overly concerned with potentially weaker election advertising spending and cord-cutting customers, but we believe the large discount to net asset value will close as management executes on its plan to monetize non-core assets.

From Keeley All Cap Value Fund third-quarter 2016 commentary.

U.S. equity markets whipsawed in the third quarter, with the emergence of unexpected events as a common thread. The quarter began with equities in full, bull-market mode owing to a rebound from post-Brexit declines – declines that notably occurred because so few investors actually expected the Brexit vote to pass. Then, in July and August, generally positive earnings and strong, risk-on appetites produced nice gains.

In September, however, the appetite for risk lessened amid volatility from steeper valuations, weaker economic data and the inherent uncertainty in a presidential race that has been the very definition of the unexpected, with no

Another leading stock contributor this quarter was from the Consumer Discretionary sector. Tribune Media (NYSE:TRCO) has been a long-term holding based on media companies separating their print/publishing operations from their broadcast divisions. In addition, we believe that the presidential election cycle favors news broadcasting companies. Tribune announced solid fourth quarter earnings and alluded to the fact that it had hired several investment banks to review financial alternatives to enhance shareholder value. We believe Tribune is significantly undervalued and it remains our highest-weighted position.

From Keeley All Cap Value Fund first quarter 2016 commentary.